All Forum Posts by: Marcus Svehlak

If you're in California and own property here, free and clear or with enough lendable equity, a lender in CA would likely be able to help you.

Best, Marcus

Typically, private money is short term with higher rate and fee. It's also important to make sure you're borrowing from a reputable source--Make sure you know your lender, look at their portfolio, their financials, etc. And I would recommend borrowing from a company/fund not a private individual.

Source I work for a hard money lender in California so I'm likely not a viable resource for you. But if you have any questions give me a shout. I'm always happy to help.

Do you have any more info regarding property values and the loan amount you're looking for?

Corey,

I was thinking of writing an article on this topic yesterday, after I got a call from a now borrower asking if we could close by this coming Tuesday who wanted no points, and no prepay. Laughable

I might still-- we should talk sometime... I'll connect with you

Does your friend have income statements or tax returns? Does he own any other assets in CA? Most lenders would prefer not to do construction financing if it's avoidable. It saves them the hassle of incremental funding, project management, etc.  If your friend has other properties a lender could blanket as collateral he could use cash out financing. He would probably get a better rate too. The question then becomes is there enough equity in that additional collateral to make the project feasible.

@Justin Reed

Tell us more about the deal, where is it located? do you own it? are you buying it? and if so what the purchase price? How much money are you looking to borrow? How long would you want a loan your books? What's the purpose of the loan?

If you own enough properties next to each other or in the same immediate area you can improve your properties, raise your rents, and create your own sub-market. 

@Jessie Huffey

 Is her property in Idaho also?

@Peter K.

 That would be great. Do you want to set something up for the end of July? I can jam on down to San Jose for lunch one day.

Thanks for the tips @Noel John Cabrigas and @Linda Weygant

 -- I just signed up for meetup.com; Noel I'll send you a connection request we're not too far away from each other maybe we can network.